February 2, 2015 / 2:07 AM / 3 years ago

PRESS DIGEST - Hong Kong - Feb 2

HONG KONG, Feb 2 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST

-- Alibaba Group announced it would set up a HK$1 billion ($129 million) fund to support young Hong Kong entrepreneurs to start and grow their businesses on its platforms and eventually bringing their products to the mainland market. (bit.ly/1z3zh85)

-- Highly geared Shui On Land plans to accelerate the sale of up to 57 billion yuan ($9.12 billion) of assets to boost cash flow amid more challenging fundraising options for the industry. Chairman Vincent Lo Hong-sui said the firm aimed to sell its assets with low returns to cut debt and generate cash to fund expansion. (bit.ly/1wTv5Cu)

THE STANDARD

-- Hong Kong's Democratic Party lawmaker Albert Ho Chun-yan plans to step down from his super legislator seat to trigger a de facto referendum on political reform as early as next month. Ho said he plans to resign in March or April and he expects the by-election to be held in August. (bit.ly/1KiTHvO)

HONG KONG ECONOMIC JOURNAL

-- Health and nutritional supplements maker Real Nutriceutical Group Ltd said it planned to seek a separate listing of certain beverage business on the Stock exchange and it has engaged a sponsor and other professional parties to consider the possibility of the proposed spin-off.

-- BBI Life Sciences Corp warned that its net profit for 2014 was expected to fall 12 to 16 percent year-on-year after taking into account non-recurring gain and expense.

For Chinese newspapers, see............... ($1 = 7.7526 Hong Kong dollars) ($1 = 6.2495 Chinese yuan renminbi) (Reporting by Donny Kwok; Editing by Subhranshu Sahu)

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